BVI - DCI Advisors Limited, a financial advisory firm, announced today significant legal victories in the British Virgin Islands (BVI) and Greece against Zoniro, a close business partner of DCP. In the BVI, the Commercial Court ruled in favor of DCI and its subsidiary, DCI One Limited, setting aside two statutory demands issued by Zoniro in August 2023. The court concluded on November 29, 2024, that there was a substantial dispute regarding the alleged breach of duty by Mr. Kambourides, founder and controlling shareholder of DCP, which required resolution before any statutory demand could be issued.
The judge found credible the arguments that Mr. Kambourides' actions could constitute a breach of duty under Cyprus law, allowing DCI to repudiate the agreements in question. The court also acknowledged the possibility of a conspiracy to financially harm DCI, providing the company with a reasonable prospect of claiming substantial damages. Consequently, Zoniro has been ordered to pay 75% of the legal costs incurred by DCI, pending final assessment if not mutually agreed upon.
In Greece, the First Instance Court of Athens ruled in favor of DCI by suspending an enforcement order from Zoniro and unfreezing a bank account associated with DCI's operations in the Kilada development. This has allowed the account to become fully operational again.
These court decisions come after DCI terminated its investment management contract with DCP in March 2023. The victories represent a significant legal success for DCI Advisors Limited, potentially impacting the company's financial and operational stability. The information for this report is based on a press release statement from DCI Advisors Limited.
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